Worth reading
69In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
141518
¥ million (year-on-year increase in net sales)Wording
Definitive
How definitive the wording is.Contents of this document
Financial results presentationFiscal year ended September 2026 (full year)11 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥1,477,986 million+10.6%
Operating profit¥181,804 million+24.6%
Ordinary income¥168,844 million+21.0%
Net income¥119,231 million+18.4%
Selling, general and administrative expenses¥105,584 million
Gross Profit MarginDetached homes 17.4% (+0.2 percentage points year on year), condominiums 29.8% (+9.2 points), income-producing real estate 15.7% (+0.4 points), other 19.7% (+1.4 points), Presance 24.5% (+2.1 points)
Operating profit marginConsolidated 12.3% (10.9% in the same period of the previous year), detached homes 10.7% (+0.4 percentage points), condominiums 22.3% (+11.3 points), income-producing real estate 11.1% (+0.5 points), other 11.7% (+1.3 points), Presance 13.9% (+1.3 points)
Results for the three months of the current quarterThe standalone three-month results for the fiscal year ended September 2026 were: detached homes, revenue of ¥201.584 billion and operating profit of ¥19.998 billion; condominiums, revenue of ¥57.904 billion and operating profit of ¥14.780 billion; income-producing real estate, revenue of ¥71.579 billion and operating profit of ¥8.620 billion; U.S. real estate, revenue of ¥33.523 billion and operating profit of ¥3.821 billion; and Presance, revenue of ¥81.574 billion and operating profit of ¥11.470 billion.
Full-year earnings forecast
Net Sales
¥1,640,000 million
Operating profit
¥185,000 million
Ordinary income
¥170,000 million
Net income for the current fiscal year
¥120,000 million
Dividend per share
¥220
Share buyback amount
¥25,000 million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Detached homes: sales of affordable homes in urban areas; condominiums: properties with high gross profit margins; income-producing real estate: purchasing appetite among affluent domestic buyers; U.S. real estate: domestic investors’ need to diversify their assets; Presance: condominium demand in the Kansai region
New initiatives
Reorganization of the reportable segments into detached homes, condominiums, wealth management, general construction and other; full-scale expansion of the purchase-and-resale business for used condominiums into the Kansai region; diversification of sourcing channels through real estate M&A; and establishment of a ¥200 billion flexible investment allocation for M&A and other initiativesKey KPIsA metric the company considers important as a management benchmark.
Number of sales contracts, contract unit price, number of homes and properties delivered, number of buildings managed in U.S. real estate, equity ratio, net debt-to-equity ratio, interest coverage ratio, condominium supply rankingUnit price and quantity metricsThese figures show sales broken down by price and volume.
Detached-home contracts 3,775–4,035; contract unit price for built-for-sale homes in the Tokyo metropolitan area ¥49.2–49.6 million; condominiums delivered 1,558 units at ¥63.9 million per unit; income-producing real estate delivered 548 properties at ¥403 million per property; U.S. real estate delivered 1,480 buildings and managed 7,074 buildings; Presance delivered 5,520 unitsSegment results
Detached-house-related business
Net Sales
¥767,122 million+13.4%
Operating profit
¥81,839 million+17.7%
Condominium Business
Net Sales
¥100,340 million+37.0%
Operating profit
¥22,347 million+177.7%
Income-producing real estate business
Net Sales
¥225,707 million+3.2%
Operating profit
¥24,990 million+7.7%
Other (U.S. real estate, etc.)
Net Sales
¥160,245 million+5.9%
Operating profit
¥18,787 million+19.3%
Pressance
Net Sales
¥231,622 million+1.9%
Operating profit
¥32,230 million+12.2%
Medium-term management plan targets
The results of the three-year plan for the fiscal years ended September 2024 through September 2026 include cumulative net income of ¥312.8 billion over 3 years (initial target: ¥250 billion), cumulative investment of ¥382.5 billion (plan: ¥500 billion), and cumulative total shareholder returns of ¥132.3 billion (initial target: ¥100 billion). The company has shifted from disclosing three-year plans to disclosing single-year plans.Financial targets
Equity ratio of at least 35%, net debt-to-equity ratio of no more than 1x, and ROE of at least 20%. For the fiscal year ended September 2026, the equity ratio was 39.1%, the net debt-to-equity ratio was 0.7x, and ROE is expected to be approximately 18% according to the materials.Market Size / Share
Japanese households’ net financial assets totaled ¥802 trillion. Presance ranked first outright in the 2025 condominium supply ranking, with 4,524 units supplied.Annual Dividend
¥205.00 for the fiscal year ended September 2026 (+¥27.00 year on year), and forecast ¥220.00 for the fiscal year ending September 2027 (+¥15.00 year on year)Payout ratio
Total payout ratio of at least 40%. The company has adopted a progressive dividend policy.Acquisition of treasury shares
Approximately ¥25 billion for the fiscal year ended September 2026, and ¥25 billion for the fiscal year ending September 2027| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Fiscal year ended September 2026 (full year) |
| Net Sales | ¥1,477,986 million (YoY +10.6%) |
| Operating profit | ¥181,804 million (YoY +24.6%) |
| Ordinary income | ¥168,844 million (YoY +21.0%) |
| Net income | ¥119,231 million (YoY +18.4%) |
| Gross Profit Margin | Detached homes 17.4% (+0.2 percentage points year on year), condominiums 29.8% (+9.2 points), income-producing real estate 15.7% (+0.4 points), other 19.7% (+1.4 points), Presance 24.5% (+2.1 points) |
| Operating profit margin | Consolidated 12.3% (10.9% in the same period of the previous year), detached homes 10.7% (+0.4 percentage points), condominiums 22.3% (+11.3 points), income-producing real estate 11.1% (+0.5 points), other 11.7% (+1.3 points), Presance 13.9% (+1.3 points) |
| Selling, general and administrative expenses | ¥105,584 million |
| Results for the three months of the current quarter | The standalone three-month results for the fiscal year ended September 2026 were: detached homes, revenue of ¥201.584 billion and operating profit of ¥19.998 billion; condominiums, revenue of ¥57.904 billion and operating profit of ¥14.780 billion; income-producing real estate, revenue of ¥71.579 billion and operating profit of ¥8.620 billion; U.S. real estate, revenue of ¥33.523 billion and operating profit of ¥3.821 billion; and Presance, revenue of ¥81.574 billion and operating profit of ¥11.470 billion. |
| Full-year earnings forecast | Net Sales ¥1,640,000 million / Operating profit ¥185,000 million / Ordinary income ¥170,000 million / Net income for the current fiscal year ¥120,000 million / Dividend per share ¥220 / Share buyback amount ¥25,000 million |
| Segment results | Detached-house-related business Net Sales ¥767,122 million (YoY +13.4%) / Operating profit ¥81,839 million (YoY +17.7%) / Condominium Business Net Sales ¥100,340 million (YoY +37.0%) / Operating profit ¥22,347 million (YoY +177.7%) / Income-producing real estate business Net Sales ¥225,707 million (YoY +3.2%) / Operating profit ¥24,990 million (YoY +7.7%) / Other (U.S. real estate, etc.) Net Sales ¥160,245 million (YoY +5.9%) / Operating profit ¥18,787 million (YoY +19.3%) / Pressance Net Sales ¥231,622 million (YoY +1.9%) / Operating profit ¥32,230 million (YoY +12.2%) |
| Breakdown of Factors Affecting the Change | Detached homes: sales of affordable homes in urban areas; condominiums: properties with high gross profit margins; income-producing real estate: purchasing appetite among affluent domestic buyers; U.S. real estate: domestic investors’ need to diversify their assets; Presance: condominium demand in the Kansai region |
| Key KPIs | Number of sales contracts, contract unit price, number of homes and properties delivered, number of buildings managed in U.S. real estate, equity ratio, net debt-to-equity ratio, interest coverage ratio, condominium supply ranking |
| Unit price and quantity metrics | Detached-home contracts 3,775–4,035; contract unit price for built-for-sale homes in the Tokyo metropolitan area ¥49.2–49.6 million; condominiums delivered 1,558 units at ¥63.9 million per unit; income-producing real estate delivered 548 properties at ¥403 million per property; U.S. real estate delivered 1,480 buildings and managed 7,074 buildings; Presance delivered 5,520 units |
| Medium-term management plan targets | The results of the three-year plan for the fiscal years ended September 2024 through September 2026 include cumulative net income of ¥312.8 billion over 3 years (initial target: ¥250 billion), cumulative investment of ¥382.5 billion (plan: ¥500 billion), and cumulative total shareholder returns of ¥132.3 billion (initial target: ¥100 billion). The company has shifted from disclosing three-year plans to disclosing single-year plans. |
| Financial targets | Equity ratio of at least 35%, net debt-to-equity ratio of no more than 1x, and ROE of at least 20%. For the fiscal year ended September 2026, the equity ratio was 39.1%, the net debt-to-equity ratio was 0.7x, and ROE is expected to be approximately 18% according to the materials. |
| Annual Dividend | ¥205.00 for the fiscal year ended September 2026 (+¥27.00 year on year), and forecast ¥220.00 for the fiscal year ending September 2027 (+¥15.00 year on year) |
| Payout ratio | Total payout ratio of at least 40%. The company has adopted a progressive dividend policy. |
| Acquisition of treasury shares | Approximately ¥25 billion for the fiscal year ended September 2026, and ¥25 billion for the fiscal year ending September 2027 |
| Market Size / Share | Japanese households’ net financial assets totaled ¥802 trillion. Presance ranked first outright in the 2025 condominium supply ranking, with 4,524 units supplied. |
| New initiatives | Reorganization of the reportable segments into detached homes, condominiums, wealth management, general construction and other; full-scale expansion of the purchase-and-resale business for used condominiums into the Kansai region; diversification of sourcing channels through real estate M&A; and establishment of a ¥200 billion flexible investment allocation for M&A and other initiatives |
Items this document does not state (9)
Progress against full-year forecastSelf-assessment against the planNumber of stores and locationsNumber of employeesAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookCapital expendituresOrders received and order backlogKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.In detached homes, sales of affordable homes in urban areas were strong against a backdrop of soaring condominium prices. In condominiums, properties with high gross profit margins, mainly in Tokyo’s 23 wards, drove performance, while in income-producing real estate, the company captured the purchasing appetite of affluent domestic buyers, and in U.S. real estate, the need among domestic investors to diversify their assets.
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